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Pfizer Is Auditioning Brokers As It Prepares To Sell Midtown East HQ

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Pfizer Is Auditioning Brokers As It Prepares To Sell Midtown East HQ

It's like American Idol, but with drugs and real estate.

Pfizer is pitting five brokerages against each other in an audition process that will decide who gets the job of marketing its two HQ properties on East 42nd Street.

The drugmaker is preparing to move its operations out of 235 East 42nd St and 219 East 42nd St and consolidate into a more technologically advanced office in NYC. A tour and interview process last week involved brokers from Avison Young, CBRE, Cushman & Wakefield and Newmark Grubb Knight Frank, according to the New York Post.

JLL had been tapped to participate, but, in the wake of losing capital markets brokers Richard Baxter, Ron Cohen and Scott Latham, who recently left the firm for Colliers International, did not make an appearance, despite the invitation.

Pfizer picked up nearby 685 Third Ave for $250M in 2003, but took a big hit when it let go of the building during a round of layoffs five years later; TIAA swooped in and got it for $190M. [NYP]